Trafco Group reports Q3, nine-month profits

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Trafco Group yesterday reported profits for the third quarter and nine-month period, which the company said was affected by “lower total sales” and “less Government support”, as total revenue and gross profit grew.

Q3 results

Third-quarter net profit was BD 275k compared to BD 278k in the year-earlier quarter, a decrease of 1.2%. “The slight decrease in the net profit for the third quarter of 2021 was mainly due to less Government support, while in general the total Revenue and Gross Profit have been better in this Quarter,” said Ebrahim Zainal, Chairman of Trafco Group.

Quarterly diluted earnings per share were 4 fils compared to 4 fils in the year-ago quarter.

The total comprehensive income related to Trafco Group shareholders was BD 373k compared to BD 658k in the same quarter a year ago, a decrease of 43%.

Nine-month results

Nine-month net profit related to Trafco Group shareholders was BD 1,140k compared with BD 1,375k in the same period of the previous year, a decrease of 17%.

Azzam Moutragi, Group CEO of Trafco Group, stated that the decrease in the net profit for the nine months ended 30th September 2021 was due to lower total sales and less total contribution of Government Covid support to the group companies.

Diluted earnings per share were 15 fils compared with 18 fils in the prior-year period.

Total comprehensive income related to Trafco Group shareholders was BD 2,004k compared to BD 1,034k in the year-ago period, an increase of 94%.

The total shareholders’ equity (excluding minority interests) was BD 32.51m compared with BD 31.07m at end of last year, an increase of 5%.